Ready to Make Your Move?Many people looking for housing in the metro Denver area must weigh the advantages and disadvantages of renting vs. buying Denver homes for sale. Each person must decide if buying a Denver home for sale or renting a Denver home is the best decision for them. This blog post outlines advantages of buying a Denver home for sale and advantages of renting a Denver home.
Advantages of Buying a Denver Home For Sale:
- Build equity by paying down a mortgage – This strategy works over the long-term even if prices go down.
- Can pay off your home in 30 years or even 15 years – After that, you won’t have any house payment other than property taxes and insurance. Can you think of a better retirement strategy than to pay off a Denver home?
- Mortgage interest deduction – The mortgage interest that you pay each month to buy a Denver home is tax deductible.
- You can do what you want – paint, decorate, remodel, landscape, the possibilities are endless.
- No one can kick you out of your home – as long as you keep paying your mortgage payments.
- In many Denver neighborhoods it’s currently more affordable to buy than to rent – mortgage rates are at all-time lows and Denver home prices are lower than they were a few years ago.
- Can have any kind of pet that you want – as long as it’s legal and allowed by the HOA if there is one.
- Pride of ownership – “this house is mine”.
- No security deposit – you don’t have to pay a security deposit to move in and you don’t have to worry about getting it back from your landlord when you move out.
Advantages of Renting a Denver Home:
- You are not responsible for repairs – If the hot water heater goes out, just call your landlord.
- Flexibility to relocate quickly – you don’t have to sell your Denver home first before you can move.
Contact your Denver REALTOR® to get started on your Denver home search today.